Chairman, House of
Representatives Committee on Pension, Rep. Hassan Shekarau, has appealed to
President Mohammadu Buhari to release the N66 billion needed to settle the
accrued backlog of pension for 2017 retirees.
Shekarau made the appeal at the
opening of 2018 Conference for Directors of Pension Fund Administrators (PFAs)
organised by the National Pension Commission (PenCom) on Tuesday in Lagos, NAN
reports.
He applauded the introduction of
Pension Reform Act of 2004 repealed by that of 2014 Act, saying the backlog
needed to be settled to uphold the confidence of Nigerians in the pension
scheme.
The lawmaker, however, said the
president should be appreciated for releasing N54 billion in April 2017, to
clear the backlog of accrued pension rights.
“However, the money was only able
to settle part of 2014, 2015 and 2016 accrued pension rights,” he said
Shekarau, who is representing
Birnin-Gwari and Giwa Federal Constituency in Kaduna State, restated that the
greatest challenge confronting pension administration was, “Accrued Pension
Rights.”
“Also, it faces the five per cent
increment on pension for retirees under the Contributory Pension Scheme (CPS)
and 33 per cent increment on retirees Defined Benefit Scheme (DBS).
“I passionately appeal to the
president to give priority to the debt and release the N66 billion estimate
submitted by PenCom to settle the accrued rights obligation.
“We urge practitioners to ensure
they strictly adhere to the resolutions reached at the conference.Any action
outside international best practices for pension operators in Nigeria would not
be accepted,” Shekarau added.
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